Arcaro served BitConnect by managing a team of U.S.-based affiliates/recruiters.

He also served one of the most successful affiliate/recruiters for BitConnect, himself soliciting hundreds, if not thousands, of BitConnect investors in the United States and abroad through social media sites such as YouTube and Facebook.

Ryan Maasen is cited as a YouTube/Facebook promoter and Joshua Jeppesen as ‘Development Director for BitConnect’s operations in the United States and Europe‘.

The class-action lawsuit claims BitConnect was a “textbook Ponzi scheme”.

It is clear there is no income other than new investor money to produce their daily profits.

BitConnect artificially increase the value of the BitConnect Coin by having people exchange their Bitcoin for BCC and then have them invest in the Ponzi scheme lending program.

Both the Texas and North Carolina securities fraud cease and desists are cited as further evidence of BitConnect’s fraud.